Ameriprise Financial falls after BofA downgrades stock
Mon 14:57
BUZZ-Ameriprise Financial falls after BofA downgrades stock ** Wealth manager Ameriprise Financial's AMP.N shares fall 3.8% to $481.80
** BofA Global Research downgrades stock to "underperform" from "buy"; cuts PT to $445 from $570, a 11% downside to last close
** Brokerage cites retention challenges behind downgrade, with AMP grappling with an acceleration in large adviser team departures
** BofA forecasts AMP's headcount to inflect negative in 2026 excluding Huntington Bank win and net new assets to lag LPL Financial LPLA.O and Raymond James RJF.N in 2027
** 7 of 16 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell"; median PT $560.50 - data compiled by LSEG
** As of last close, AMP stock up 2.1% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)